The development team behind 23-14 44th Drive in Long Island City, Queens, has closed on a $502 million construction loan from JP Morgan, brokered by New York City-based Meridian Capital Group. The loan was closed with a syndicate of domestic and international banks.
Once completed, the 802-unit luxury condominium project will boast ground-floor retail and will soar 67 stories above New York City, making it the tallest residential building outside of Manhattan.
Morris Betesh, a financing broker at Meridian Capital Group, negotiated the financing for this transaction.
23-14 44th Drive is a collaboration by the lead developer, Chris Xu of United Construction and Development, and partners Henry Yeung, Brian Pun of FSA Capital and Risland U.S. Holdings, LLC. Leading Long Island City brokerage firm Modern Spaces will exclusively handle marketing and sales for the project.
The ground-breaking project was designed by NYC-based architecture firm Hill West Architects, with interiors by its design arm, Whitehall Interiors.
The borrower was represented by Herrick Feinstein, LLP, as attorney.
Prior to construction, the development team had secured the initial $100 million land loan from Bank of China.
